Millennial Impact On The Workplace
The traditional ways of working will soon be a thing of the past because of the new generation. Today millennials are representing a large share of the workforce. No longer are they recognised as the leaders of tomorrow but more so the leaders of today.
To attract and keep them, companies are trying to adapt to their business views. Therefore, millennials are impacting workplace innovation.
Because millennials have an affinity with the digital world there is a massive change in the digitalisation in the workplace. According to a survey by INSEAD business school, 60% of millennials think the digital skills of the firms they currently work for are inadequate.
Because millennials are considered the “native engineers” of the digital world. Companies are investing and providing the needs of technology to increase their productivity.
What also differentiates them is their behaviour. After experiencing the global economic crisis, the focus is more so on their personal needs compared to the needs of the organisation.
They express having little loyalty towards their current employers and are not impressed by corporate hierarchy because they feel under-utilised. “They know that they have options.”
According to a survey by Deloitte, few millennials see themselves staying with their current companies’ long term. Because of issues such as diversity, inclusion and flexible working arrangements.
Michele Parmelee, global talent leader at Deloitte says, “They don’t believe businesses shares their values, they don’t think business is doing enough to prepare them for the future, and they don’t feel business is sufficiently committed to improving society.”
For instance, a study taken in 2017 showed that only 3/100 life science companies were chosen, when students were asked what companies they would like to work for. The reason being, because students have issues with the ethics surrounding the industry. Also associating the industry with death, old age and diseases.
Millennials look for a bigger sense of accountability and purpose in their workplace. Due to this, Companies are now looking to develop employees as leaders and use their full potential in large-scale organisations. For instance, Pfizer is now encouraging employees to apply internally for short term development opportunities. Starting from three-month projects where they can join a team from a different division to shadow a senior leader for a day.
The Deloitte survey says 84% of millennials believe that having flexibility shows that the company respects and invests in work life balance. Thus, companies have invested in tools such as one workplace app, Modo Workplace ™, so that workers can be mobile. They prefer to work in an environment where they have the possibility to work anytime at any place.
American physicist William G. Pollard said, “The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow.” Thus, for companies to see change they need to adapt their businesses according to Millennials.